Low interest business loans available for Ottawa County

Jul 8, 2020 | Business | 0 comments

The Ottawa Regional Planning Commission understands the impact Covid-19 may have on local businesses supported by Ohio’s CDBG Economic Development and Revolving Loan Fund (RLF) Programs. These programs allow Ottawa County to issue low-interest, gap financing for fixed assets to local businesses, and loan packages may include working capital up to a percentage of program income received in one year.

Given the recent mandated shutdowns of many industries statewide, we will allow the following flexible financing terms for new and existing loans during the Covid-19 pandemic: Low Interest loans as low as 0% interest loans; Working capital loans may be approved without accompanying fixed-asset investment; Deferred principal and interest for new and existing loans for up to 6 months with a 6-month renewal option as deemed appropriate and documented by the local RLF board.

New Economic Development and Revolving Loan Fund projects are still required to meet the low- and moderate-income (LMI) job creation or retention requirement. At least 51% of jobs created and/or retained must qualify as LMI.

Applicant businesses may use current economic conditions to evidence that Ohio will lose jobs to support a job retention claim. Local governments must continue to submit Economic Development pre-applications and RLF applications for new loans via email for review to the State of Ohio.

Ohio will attempt to expedite approval given the current business climate. For questions regarding the program or how to apply, call the Ottawa Regional Planning Commission at 419-734-6780 or email at mmessa@co.ottawa.oh.us.

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